Full text of H.16 Capital Market Developments : April 20, 1959
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Mot for Publication $EC0mE0IlL E D ATIKR SIX M011TES H„ 11+ April 20, 1959 CAPITAL MARKET DEVELOPMENTS (Including Quarterly Review of State and Local Government Financing) J The volume of public security financing was small last week, but is expected to increase substantially this week, particularly for State and local government bonds. Only one large corporate issue for $22 million was sold during the week ending April 17 5 large State and local government issues totaled $92 million. This week, common stock offerings (including expiration of subscription rights) are expected to total about $90 million. State and local government issues with aggregate proceeds of $275 million are scheduled for sale. The State and local government financing total includes a $200 million bond issue of New York State Power Authority, which is expected to be sold by negotiation this week. The calendar ' also includes a foreign government bond issue for $20 million. Bond yields - Changes in yields on outstanding bonds were mixed last week. Yields on high-grade corporate and li. S. Government bonds advanced further to new highs, while those for State and local government bonds remained stable. Yields on lower-grade corporate bonds declined slightly. Yields on new corporate issues also have increased recently. Two new Aa-rated, first mortgage electric utility bond issues were offered to the public last week—one to yield I1.6O per cent and the other U.59 per cent. Comparable offerings in late March were made at yields of U.^3-U.li7 per cent. Early last week underwriting agreements on two of these issues which were still partially undistributed were 'terminated and quoted yields increased to about the same level as the new offerings. Mortgage yields - In March residential mortgage markets continued firm as mortgage yields held close to levels prevailing since last fall. Average interest rates on conventional first mortgages increased slightly to 5=78 per cent. Average yields in the secondary market on FHA-insured new-home mortgages available, on the other hand, inched.down to 5.57 per cent. The latter figure is based on the FRB's newly-revised method of computing yields, which gives a somewhat lower level of yields than formerly indicated. Based on a 12- rather than an 8-year prepayment period, the revision takes into account current practices followed in making secondary market quotations as well as the postwar trend toward longer average actual life of mortgages, reflecting in part the general rise in interest rates. 1/ H.lii Stock market credit - Customer credit in the stock market (excluding that for U. S. Government securities) reached a record level of $lt.6 billion at the end of March. The increase of $70 million in customer credit was largely in net debit balances, which increased $$2 million, while the rise in bank loans to "others" was $18 million. At the end of March, customer credit was 7 per cent higher than when margin requirements were increased to 90 per cent last October, Borrowing by member firms of the New York Stock Exchange maintaining margin accounts (excluding borrowing on U. S. Government securities) increased slightly last month after declining in February. Customers' net free credit balances increased substantially to $1.3 billion at the end of March. These and other data on stock market credit for March and February are shown in the following table. Customer credit Excluding U, S. Government securities - total Net debit balances Bank loans to "others" Net debit balances secured by U. S. Govt, securities Bank loans to others for purchasing or carlying U. S. Government securities Broker and dealer credit Money borrowed except on U. S. Government securities On customer collateral Money borrowed on U„ S„ Government securities Customers' net free credit balances End of month Change Mar. Feb. (Millions of dollars) 1,597 3,305 1,292 153 4,527 3,253 1,271 157 +70 +52 +18 55 c/65 -10 1,977 1,723 218 1,258 1,963 1,722 223 1,196 +ik +1 -5 +62 -h c/ Corrected. Stock prices - Stock prices advanced sharply to record highs last week in increased trading activity. Standard and Poor's index of 500 common stocks closed at 57 .>92 on April 17, 3 per cent higher than a week earlier. The volume of trading averaged 3-6 million shares a day. State and Local Government Security Offerings in the First Quarter 1959 State and local governments sold $2.2 billion of bonds during the first three months of 1959, 6 per cent less than first quarter volume last year, but more than in any other first quarter. New issue volume was smaller in both January and Februaiy than the unusually large volume a year earlier, but in March was larger than in 1958. In contrast to Ho ill - 3 Long-term Security Issues of State and Local Governments First Quarter 1954-59 (In millions of dollars) 1959 Issuing authority: State County and township . Municipality School district Special authority Unidentified 1/ 1 1958 379 116 65a 307 696 633 116 63I* keo 1*20 Total 2,151 2,283 Purpose of issue: New capital total 2*113 2*276 50l* 165 158 35 306 286 70 588 786 392 112 85 293 l 1*5 111 352 Schools 2/ Highways, bridges and tunnels Residential buildings Hosptials and institutions Sewer and water Misc. public service enterprises Veterans1 aid Other Unidentified 1/ Refunding Total Type of issue: General obligation Revenue Utility Quasi-utility Special tax Rental/""' Public Housing Authority Federal Government loans 3/V Total — 1 1957 3l|0 106 601* 527 252 1 1955 1 195k 270 9k kkk 270 253 186 3Wi 109 333 29k 167 162 217 126 I4I2 232 258 139 1,829 1,517 1,1409 1,381* M21 1*1*90 1,385 1,372 1*01 280 111 22 261* 80 1*1*9 176 175 30 159 77 82 79 159 1*05 11*5 182 15 186 70 67 167 137 753 161* 151 28 252 68 53 351 — — 1 1956 11*7 186 38 7 8 27 2k 11 2,151 2,283 1,829 1,517 1,W9 1,381* 1,220 763 m 269 1*6 1*3 125 1*3 1,565 562 7H2 33 62 55 67 89 1,312 385 2B9 2k 31 ill 29 102 2,151 2,283 1,829 960 1*1*1 n.a. 107 9 1,517 1,001: 286 n.a. n.a. n.a. n.a. 118 1 1,1*09 909 351 n.a. n.a. n.a. 119 2 1,381* n.a. —Not available. 1/ Issues of less than #500,000 not further classified in 1951*, 1955 and 1956. 2/ Data for years prior to'1957 probably understate school issues by about onefourth because of unclassified small issues. 3/ Coverage for 1957-1959 is broader than for earlier years. Note.—Details may not add to totals because of rounding. Source.—1951*-1956, Bond Buyer and Federal Reserve; 1957-1959, Investment Bankers Association of America. Data for 1957-1959 not strictly comparable with data for earlier - k - the first quarter last year when only one large issue for $100 million was offered, b issues with proceeds of $100 million or more accounted for a considerable proportion (one-fourth) of total proceeds this year. Purpose of issue - Nearly all bonds sold were for the purpose of raising new long-term funds, as refunding issues continued to be small in volume. Financing for purposes of school construction was one-third smaller in the first quarter than in the same period last year. The school financing total of $5oU million was the smallest for any quarter since the October-December period of 1956. Issues for financing highways, bridges and tunnels, totaling $.65 million, were also in much smaller volume this year—one-half smaller than in 1958. New issues for sewer and water construction were sold in about the same volume as a year earlier. Bonds sold for miscellaneous public service enterprises and other miscellaneous purposes were substantially larger this year than in 1958, primarily reflecting the sale of large revenue bond issues by the New York State Power Authority and for the Chicago International Airport this year. Type of issuer - Special authorities were.the most important group of issuers during the first three months of 1959s selling bonds totaling nearly $700 million,including the $200 million issue of the New York Power Authority. This volume accounted for nearly one-third of total offerings and was about two-thirds greater than in 1958. Offerings by municipalities were in slightly larger volume than last year, while those by counties and townships were about the same. Issues by States and school districts were in smaller volume—each being twofifths less than in the corresponding period of 1958. Type of issue - General obligations continued to be the most important type of issue. However, the proportion of total sales accounted for by such bonds declined from 6$ per cent in the January-March 1958 period to 57 per cent this year as the share of revenue bond financing increased from 25 per cent to 35 per cent. The increased volume of revenue bonds reflects the sale of the two large issues noted above. Public Housing Authority offerings were in larger volume than last year, while Federal Government loans were smaller. More detailed information concerning recent capital market developments is presented in the attached exhibits. Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. HIGH-GRADE BOND YIELDS - v / r~ \ / V 1 V A *0 / N ' - // / \r / v y / y y / ) c K / </s a V A A — ! i | d 3.0 •* .51 '* «... V 1 LOWER-GRADE BOND YIELDS \o ^ H.l4 kx)libit b Tables for Exhibit A High-grade Bond Yields Date U. S. Govt, long-term 2/ Corporate Aaa 1/ Spread between U. S. Govt, and Corporate State and Aaa local Aaa State and local govt. Aaa j / (Per cent) 1954 - Low 1957 - High 1958 - High Low 1959 - High Low 2.85 4.14 4.13 3.55 1.22 4.09 Mar.. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 £/ It. 13 4.14 4.17 4.20 4.22 (4/23) (9/27) (10/10) (5/2) (4/17) (1/9) 2.45 3.76 3.84 3.07 '4.01 3.83 (8/6) (10/18) (12/26) (4/25) (4/17) (1/2) 3.92 3.94 3.95 3.97 4.01 1.90 3.45 3.31 2.64 3.20 3.06 (9/2) (8/29) (9/11) (5A) (2/5) (3/26) 3.06 3.06 3.07 3.09 3.09 .30 .60 .51 .22 .27 .16 .30 .47 .72 .34 .92 .65 .21 .20 .22 .23 .21 .86 .88 .88 .88 .92 Lower-grade Bond Yields Date Corporate Baa 1/ State and local govt. Baa y Spread between Aaa and Baa State and Corporate local govt. (Per cent) 1954 - Low 1957 - High 1958 - High Low 1959 - High Low 3.44 5.10 4.96 4.51 4.90 4.83 Mar. Mar. Apr. Apr. Apr. 4.85 4.83 4.84 4.84 4.83 20 27 3 10 17 2/ (12/31) (11/29) (1/3) (7/11) (2/13) (4/17) 2.93(8/5) 4.51 (0/29) 4.34 (9/11) 3.64 (5/1). 4.13 (2/5) 3.92 (3/26) 3.92 3.92 3.97 3.98 3.98 .52 1.27 1.26 .77 • 77 .61 .72 .69 • 67 .64 .61 . .96 1.21 1.11 .93 .98 .86 .86.86 .90 .89 •89 2/ Preliminary. 1/ Weekly average of daily figures. Average term of bonds included is 25-26 years. 2/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more. 2/ Thursday figures. Only general obligation bonds are included; average term is 20 years. Note.---highs and lows are for individual series and may be on different dates for different series. I STOCK MARKET MORTGAGE AND BOND Morvlhly YIELDS Per cent per annum ^ H.ll; Exhibit D - Tables for Exhibit C | Stock Market Date Stock price index 1/ 1953-1958 - High Low 1959 - High Low 5ii.ll 22.95 57.92 54.37 February March Apr. 3 Apr. 10 Apr. 17 2/ 54.77 56.15 56.44 56.22 57.92 (12/26) ?A8) (Vl7) (2/6) Trading Common stock volume J/ yields 2/ (millions (per cent) of shares) 6! 25 S:S 3.32 3.25 3.27 3.30 •3.21 Stock market customer credit Customers1 Bank Total debit bal- loans to , ances 4/ "others" 5/ (MilldIons of dol]Lars) 3.0 I'M 3,281 1,314 3,305 3,253 3.5 3.9 3.1 4,527 4,597 n.a. n.a. n.a. 3,253 3,305 n.a. n.a. n.a. 4.9 2.1' % 4,488 2,055 " 1,312 1,210 1,274 1,2?2 1,293 1,312 n.a. n.a,.—Not available, g/ Preliminary. 1/ Standard and Poor's composite Index of 500 oosnon stook*, weekly oleslng prices, 1941-43=10, Monthly data :*e averages of dally figures rather than of Fridays' only. Highs and lews are for Fridays' data only. 2/ Standard and Poor's composite stook yield based on Wednesday data converted to weekly closing prices by Federal Reserve, Yields shown are for dates on which price Index reached Its high or low, 3/ Averages of dally trading volume on the New York Stook Exchange, 4/ tod of month figures for member firms of the New York Stock Exchange which carry margin accounts; excludes balances secured by U. S. Qoverneent obligations. 5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying U. S, Government securities at banks In New York and Chicago. Weekly reporting banks account for about 70 per cent of loans to others. For further detail see Bulletin. Mortgage and Bond Yields Date Spread between new corporate Aaa corporate Mortgages 1/ bonds and bonds 1/ FHA 2/|Convr37i New y j Seasoned 5/ FHA mtga.|Conv. mtgs.I Seasoned bonds 1953-4958 - High Low 1959 - High Low 5.62 4.56 5.6o 5.57 5.99 5.11 5.78 5.76 4.81 2.74 4.36 4.29 4.11 2.85 4.14 4.12 1.96 .54 1.29 1.24 1958 - Nov. Dec. 1959 - Jan. Feb. Mar. 5.60 5.60 5.60 5.58 5.57 5.7b 5.76 5.76 5.7 6 5.78 4.35 4.44 4.36 4.29 4.30 4.09 4.08 4.12 4.14 4.13 1.25 1.16 1.24 1.29 1.27 - . 2.54 .99 1.48 1.40 .90 -.12 .24 .15 1.41 1.32 l.4o 1.47 1.48 .26 .36 ••24 .15 .17 1/ Neither mortgage nor bond yields take Into account servicing costs which are much higier for mortgages than bonds. Generally, bonds pay Interest seml-amuallyt mortgages, monthly. Mortgage yields, if computed as equivalent to a semiannual interest investment, would be slightly higher than given In the table. 2/ Based on FHA field-office opinions about average bid prices In the private secondary market for new-hone mortgages for immediate delivery. Since late 1955, data relate only to 25-year mortgages with downpayments of 10 per cent or more, weighted by probable volume of transactions. Yields computed by FRB, assuming 25-year mortgagee are paid off in 12 years. Dashed lines indicate periods of adjustment to changes in ths contractual interest rate. 3/ Data are averages of FHA field-office opinions about rates on newly-originated conventional first mortgages on new and old houses. 4/ First National City Bank of New York. Averages of offering yields of all new Issues of publicly-sold bonds rated Aaa, Aa or A by Moody's Investors Service (except serial and convertible Issues and offerings of natural gas and foreign companies) weighted by elze of issue. Yields on Aa and A issuea are first adjusted to an Aaa basis by the spread between yields of outstanding bonds in these categories and those on Ana-rated bonds. The series reflects changes in industrial composition, mattrity, type, etc. of new offerings. 5/ Moody's Investors Service. Monthly averages of daily data. See Exhibit B. Exhibit E H.1U Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) 1959 New capital Corporate 1/ State and local 2/ 1 1991 1 1958 1 1957 1959 1 1957 January February March 2/782 E/673 e/650 ^723 85! . l,56li/ 1,060 1,065 1,320 636 855 B#23 812 953 511 742 572 506. April May e/700 1,141 600 881 931 765 1,453 e/850 798 895 551 765 546 393 1,102 538 1,144 1,003 924 973 606 403 651 529 584 431 858 473 91U 1,090 789 1,076 456 474 435 698 633 698 3,135 2,622 2,781 2,250 3,445 3,149 2,899 2,954 2,276 2,244 1,860 1,365 1,820 1,704 1,544 2,029 4,520 6,380 7,746 3,524 5,069 7,099 July August September October November December 1st 2nd 3rd 4th quarter quarter quarter quarter e/2,105 1st half Three quarters Year 5,757 8,5U 10,791 6,594* 9,493 12,447 E/2,114 Excluding finance companies U/ 1st 2nd 3rd 4th quarter quarter quarter quarter 3/1,905 Year 2,89k 2,583 2,753 2,161 3,237 2,889 2,582 2,810 10,391 11,518 1/ Securities and. Exchange Commission estimates of net proceeds. 2/ Investment Bankers Association of America estimates of principal amounts. 3/ Includes $718.3 million AT&T convertible debenture issue. %/ Total new capital issues excluding offerings of sales and consumer finance companies. H.lk Exhibit F Other Security Offerings 1/ (In millions of dollars) Long-term Foreipn government 2/ Federal agenc:r 3/ 1958 1959 1 1959 1 1958 1957 1 1957 January February March 77 59 — April May June July August September October November December ; 196 53 199 - 9 •5 17 28 7 30 161; . 58 123 1* 60 1 220 992 190 233 :h28 - h60 2/265 . 123 1*8 273 100 — 2,321 572 Federal agency 3/ 359 500 189 371 208 ll*l* 638 1*30 565 209 161 329 336 L69 501 357 35k 26b 205 337 153 July August September 289 123 369 272 272 252 1*37 206 330 October November December 231 10.5 2U3 303 1*59 1*51* 111* 137 3,910 3,271 Year 215 — April May June 9h 60 — 507 326 455 11*7 — 125 523 k2 Short-1 State and local government h/ January Februs.iy March 72 1,163 251 139 198 120 7k Year 81* Ii9 30 3,098 • 22h 370 512 1,238 255 116 5,51*3 jo/ Preliminary. 1/ Data presented in this exhibit differ from those in Exhibit E in that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more than one year. 2/ Includes securities offered in the United States by foreign governments and their subdivisions and by international organizations. Source: Securities and Exchange Commission. y Issues not guaranteed by the U. S. Government. Source: long-term, Securities and Exchange Commission5 short-term, Federal Reserve. h/ Principally tax and bond anticipation notes, warrants or certificates and Public Housing Authority notes. In some instances PtiA notes included may have a somewhat Digitized for term FRASER longer than one year. Source: Bond Buyer. H.li* Lxhibit G Large LoDg-te^n Public Security Issues for New Capital (Other than U. S. Treasury) 1/ Proceeds of Large Issues Offered (Millions of dollars) Month Corporate 1958 - March April May June July August September October November December 1959 - January Februa iy March • State and local government Other 2/ 182 300 505. 195 •275 109 288 172 259 229 335 551 369 1,093 725 356 . 281 771 209 825 259 227 305 369 3U) 215 653 161* 86 la 18 209 100 79 17U 35 176 Large Individual Issues Offered April 1 through 17. Issuer type y Amount Coupon (millions rate or Offering Maturity Rating of net inter- yield dollars) est cost CORPORATE Monongahela Power Co. 1st mtg. bds. 16.0 Armco Steel Corp. S.F. deb. 75.0 Glickman Corp. Com. stk. 31.0 Tenn. Gas Transm. Corp. Pfd. stk. iiU.O Texas Eastern Transm. Corp.1st mtg. p. 1. bds,. 1*5 Nat. Gas Pipeline Co.. of America 1st mtg.p.1.bds.20.0 Food Fair Stores, Inc. Conv. sub. deb. 21.2 Conv. deb. Philco Corp. 22.0 1981* 1981* h 3/k U.35 1.65 1.35 A Aa 1979 1* 7/8 1*.92 Baa 1979 1979 1981* li 5/8 1* 1*1/1* 1*.65 1*.00 1*.25 A Ba Ba STATE AND LOCAL GOVERNMENT Pennsylvania State Univ. Los Angeles Sch. Dist., California Alabama Highway Auth. Puerto Rico Wtr. Resources Authority State of Connecticut Digitized FRASER Mass. for Turnpike Auth. Rev.-Q.Ut. 11.0 1961-81*,99 n.a. 2.25-3.80,3.90 G.O. Rev.-S.T. 27.0 1960-81* 3.U1* 20.0 1960-79/61* 3.1a 2.00-3.60 2.10-3.50 Rev.-Ut. G.O. Rev.-Ut. 20.0 1961-96 16.9 1960-79 52.8 1999 2.50-/*. 25 Baa 1.90-3.00 Aaa li.75 — 1*.26 2.93 n.a. Aa A Ho lit G-2 Large Individual Issues Offered April 1 through 17 (Cont'd) Issuer Type 3/ Coupon Amount rate or Offering (millions Maturity net inter- yield of dollars) est cost Rating ' STATE AND LOCAL GOVERNMENT (Cont'd) Florida Development Comm. Buffalo, New York State of Minnesota Commonwealth of Mass. State of Mississippi Rev.-S.T. G.O. G.O. G.O. G.O. 25.0 10.2 12.0 60.2 20.0 1963-89/69 1959-7U 1962-78 1960-2009 1960-75 It. 10 2.70 3.03 3.1*6 3.02 2.75-U.lS^ Baa Aaa 1.70-2.90 Aa 2.20-3.10 2.00-3.65 Aa 2.00-3.15 Aa OTHER None n.a.—Not available. 1/ Includes corporate and other security offerings of $15 million and over; State and local government security offerings of $10 million and over. 2/ Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal agencies. 3/ In the case of State and local government securities, G.O. denotes general obligations; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.Ut., revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T. revenue bonds secured by revenue from specific taxes only; Ret.-Rent., revenue bonds secured solely by lease payments. k/ 3s of 1989 not reoffered. H.ll* Exhibit H Forthcoming Large Long-term Public Security Offerings for New Capital (Other than U. S. Treasuty) 1/ Expected Proceeds from Forthcoming Large Issues During month following Subsequent to date shown date shown State and State and Corporate Other 7j Corporate Other 2/ local govt. local govt. Date of computation 1958 - Mar. 31 Apr. 30 May 29 June 30 July 31 Aug. 29 Sept. 30 Oct. 31 Nov. 28 Dec. 31 1959 - Jan. 30 Feb. 27 Mar. 31 555 356 266 768 161 785 113 20k 301 210 270 198 396 298 1*93 177 225 55 21*1 295 258 229 261 551 292 550 110 150 : 36 71 75 1*5 20 670 561 1*61* 1,01*8 381 911* 216 326 1*01 370 365 279 1*76 110 150 36 330 1*93 208 235 125 1*35 521* 675 603 515 856 1*81 761 71 75 1*5 20 Forthcoming Large Offerings, as of April 17 Issuer type Amount Approximate date (millions of offering I of dollars) CORPORATE Columbia Gas System, Inc. General Telephone & Electronics Coip, Public Service Co. of Colorado Alabama Power Co." Textron, Inc. Idaho Power Co. ^Southwestern Electric Power Co. ^•Baltimore Gas & Electric Co. Commerce Oil Refining Corp. Com. stk. 39.1 Com. stk. 1st mtg. bds. 1st mtg. bds. Sub. deb. 1st mtg. bds. 1st mtg. bds. Conv. deb. 50.0 20.0 20.0 25.5 15.0 16.0 Deb., bds. & common 19.9 1*5.0 Apr. 20 (rights expire) Apr. 21 Apr. 29 May 1 May 7 May 13 May 13 May 25 (rights expire) Spring STATE AND LOCAL GOVERNMENT Oakland Co., Michigan New York State Power AuthorityState of Oregon Cleveland, Ohio 0.0. Rev.-Ut. G.O. G.O. 12.7 200.0 33.0 16.9 Apr. Apr. Apr. Apr. 20 21 22 22 H.lli H-2 Forthcoming Large Offerings, as of April 17 (Cont'd) Issuer Type Amount Approximate date (millions of offering of dollars) STATE AND LOCAL GOVERNMENT (Cont'd) Houston Navigation Dist., Texas State of Tennessee State of Louisiana Los Angeles, California Cincinnati, Ohio *New York Thruway Auth. State of New Jersey King Co. Sch„ Dist. No. 1, Wash. Chesapeake Bay Ferry Commission Memphis, Tennessee Rev.—Ut. G.O. G.O. Rev.-Ut. G.O. Rev.-Ut. G.O. G.O. Rev.-Ut. G.O. 12.5 15.0 10.0 15.0 26.9 50.0 25.0 1L5 llili.O 10.0 Bonds 20.0 Apr. 23 Apr. .28 Apr. 30 May 12 z . May 12 May 12 May 13 Miay 13 Spring Spring OTHER Southern Italy Development Fund Apr. 23 *—Included in table for first time. 1/ Includes corporate and other issues of &L5> million and over; State and local government issues of $10 million and over. 2/ Includes foreign g overament and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal agencies. Note. —Deletions for reasons other than sale of issue: None. Exhibit I H.lU Yields on New and Outstanding Electric Power Bonds, Rated Aa and A 1/ Aa-rated offering yields A-rated offering yields Amount above Amount above Actual Actual (per cent) seasoned yields (per cent) seasoned yields (basis points) (basis points)' 1 9 # - 1957 High Low 1958 - January February March April May July 2 9 18 23 Oct. 7 15 28 29 Dec. 17 Jan. 7 20 28 Feb. 18 Mar. 11 25 26 31 Apr. 3 15 16 5.00(9/14/57) 2.93(3/31/54) *3.60 / 3.89^ 4.08 87 -3 22 35 3.91 3.87 3.87 18 18 4.00 25 28 29 25 22 12 14 23 4.10 4.10 4.57 4.50 4.44 4.6o 4.652/ 5.50(11/7/57) 3.00(3/17/54) 3.96^ 4.07 4.16 4.01 123 -15 3 9 -1 4.07 17 3 : ^ 4.35%/ 31 4.75- & 23 4.6) 18 34 40 4 4:402/ 4.43 4.43 4.47 11 4.60 4.59 22 21 9 9 13 #—Single observation, not an average. 1/ Covers only 30-year first mortgage bonds, as reported in Moody's Bond Survey. Except where indicated, the actual yield figure and the amount above seasoned yields are averages of offerings during the indicated period and of the differences between these new offering yields and yields on seasoned issues of similar quality for the same day. Average maturity for the seasoned issues varies from 26 to 28 years. 2/ Provides for a 5-year period during which issue may not be called for refunding at a lower coupon rate. Monthly averages so marked include one or more issues with such a provision. Other issues have no such orovision.
@FedFRASER